1. Islamic Banking
Islamic banking refers to a system of banking or banking activity that is consistent with the
principles of Islamic law (Sharia) and its practical application through the development of
Islamic economics. Sharia prohibits the payment of fees for the renting of money (Riba, usury)
for specific terms, as well as investing in businesses that provide goods or services considered
contrary to its principles (Haraam, forbidden). While these principles were used as the basis for a
flourishing economy in earlier times, it is only in the late 20th century that a number of Islamic
banks were formed to apply these principles to private or semi-private commercial institutions
within the Muslim community.
 History of Islamic banking Classical Islamic banking
During the Islamic Golden Age, early forms of proto-capitalism and free markets were
present in the Caliphate, where an early market economy and an early form of mercantilism were
developed between the 8th-12th centuries, which some refer to as "Islamic capitalism". A
vigorous monetary economy was created on the basis of the expanding levels of circulation of a
stable high-value currency (the dinar) and the integration of monetary areas that were previously
independent.
A number of innovative concepts and techniques were introduced in early Islamic banking,
including bills of exchange, the first forms of partnership (mufawada) such as limited
partnerships (mudaraba), and the earliest forms of capital (al-mal), capital accumulation (nama
al-mal), cheques, promissory notes, trusts (see Waqf), startup companies, transactional accounts,
loaning, ledgers and assignments Organizational enterprises similar to corporations independent
from the state also existed in the medieval Islamic world, while the agency institution was also
introduced. Many of these early capitalist concepts were adopted and further advanced in
medieval Europe from the 13th century onwards.
 Riba
The definition of riba in classical Islamic jurisprudence was "surplus value without
counterpart." or "to ensure equivalency in real value" and that "numerical value was immaterial."

2. During this period, gold and silver currencies were the benchmark
metals that defined the value of all other materials being traded. Applying interest to the
benchmark itself (ex natura sua) made no logical sense as its value remained constant relative to
all other materials: these metals could be added to but not created (from nothing).Applying
interest was acceptable under some circumstances. Currencies that were based on guarantees by
a government to honor the stated value (i.e. fiat currency) or based on other materials such as
paper or base metals were allowed to have interest applied to them. When base metal currencies
were first introduced in the Islamic world, no jurist ever thought that "paying a debt in a higher
number of units of this fiat money was riba" as they were concerned with the real value of
money (determined by weight only) rather than the numerical value. For example, it was
acceptable for a loan of 1000 gold dinars to be paid back as 1050 dinars of equal aggregate
weight (i.e., the value in terms of weight had to be same because all makes of coins did not carry
exactly similar weight).

3. Al Baraka
About us
With a vision for unrivaled services, dedication to Islamic principles of banking, increasing
network points, and innovative product line, Al Baraka Bank (Pakistan) Limited is committed to
the Banking Industry in Pakistan.
Al Baraka Bank (Pakistan) Limited (ABPL) is the result of a merger between Al Baraka Islamic
Bank Pakistan (AIBP), the branch operations of Al Baraka Islamic Bank (AIB) Bahrain and
Emirates Global Islamic Bank (Pakistan). The merged entity commenced operations on
November 1st 2010.
The merger, a first in the Islamic Banking sector in Pakistan, positions ABPL to play an
important role in further growing an industry which has witnessed tremendous growth over the
last 12 years.
With assets in excess of Rs. 85 billion; a workforce of 1400 professionals and a network of 110
branches in 58 cities and towns across Pakistan, Al Baraka Bank (Pakistan) Limited is devoted in
providing customers with a range of Shariah compliant products to suit their banking needs.
Faced with growing challenges in this rapidly developing market, ABPL strongly relies on its
ability to be an effective and efficient market player through renewed focus on superior customer
service, development of Islamic alternatives to conventional financing facilities, and strict
adherence to Shariah rulings and principles.
Al Baraka Bank (Pakistan) Limited, offers a wide array of Islamic financing products such as
Murabaha, Ijarah, Musharakah and Islamic Export Refinance etc., catering to a diverse cross-
section of the economy including the Corporate, SME and Consumer sectors.
Moreover, various Shariah compliant deposit schemes are also available for customers to invest
their funds in, along with a variety of other ancillary services such as online branch banking, Al
Baraka Union Pay Debit Card, SMS banking, InterBank Funds Transfer, E-Statements,
electronic statement of accounts, safe deposit lockers and utility bill payments.

4. United Bank Limited
About us
United Bank Limited was incorporated in Pakistan with the registered office in Karachi, and the
principal office situated in Islamabad.
UBL has assets of over Rs.1 trillion and a solid track record of over fifty years - in addition, the
bank operates 1281 branches all over Pakistan including 22 Islamic banking branches, and 1
branch in Karachi export processing zone and 18 branches outside Pakistan.
The banks ordinary shares are listed on all three stock exchanges in Pakistan and its global
Depositary Receipts (GDRs) are on the list of the UK Listing Authority and the London Stock
Exchange Professional Securities Market. These GDRs are also eligible for trading on the
international Order Book System of the London Stock Exchange.
Join us in a world class journey and let us serve you better, because at UBL You come first
Basic Banking Account
Basic Banking Account will be a current account. It’s a current account or no profit and
no loss account
Non Islamic Element
The interest factors are a non-Islamic in this account. These account money are used is
interest base business
Convert In To Islamic Account
This account convert in to Islamic if Funds received are on the basis of Qardh and are
used only in Shariah compliant business.
Saving Account
Non Islamic Element
The interest factors are a non-Islamic in this account
Convert In To Islamic Account
This account convert in to Islamic if Funds are received on the basis of Mudaraba and are
used only in Shariah compliant business.

5. UBL UniZar Foreign Currency Savings Account
UBL UniZar Foreign Currency Savings Account is ideal for those customers and
individuals who wish to maintain a secure foreign currency transactional account which also
provides a return. It is available in 5 leading currencies: US Dollar, British Pound, Euro, Saudi
Riyal and UAE Dirham.
Non Islamic Element
The interest factors are a non-Islamic in this account
Convert In To Islamic Account
This account convert in to Islamic if Funds are received on the basis of Mudaraba and
are used only in Shariah compliant business.
UBL UniZar Foreign Currency Current Account
UBL UniZar Foreign Currency Current Account is ideal for those customers and
individuals who wish to maintain a secure foreign currency transactional account. It is available
in 5 leading currencies: US Dollar, British Pound, Euro, Saudi Riyal and UAE Dirham.
Non Islamic Element
That currency involved in interest base business
Convert In To Islamic Account
This account convert in to Islamic if Funds are received on the basis of Qardh and are
used only in Shariah compliant business.
Business Account
To us reliability means unmatched accessibility, convenience and freedom.Access your
account from over 1300 online branches in over more than 400 cities all across Pakistan for
unlimited online transactions. With UBL Business Partner, your account moves with you.
Wherever you go, we will follow. Enjoy total convenience at any online branc
Non Islamic Element
The interest factors are a non-Islamic in this account
Convert In To Islamic Account
If Business Account base on a Mudarabah based and Investment Account providing the
necessary tools to individuals and corporate customers to transact their entire business activities.
Then that account is convert in Islamic way

6. UBL Profit certificate of deposit COD
Now you can earn a higher income on your surplus cash by investing it in Certificate of
Deposit which helps you earn extra income with your hard earned money, while providing
absolute trust and security.
Non Islamic Element
The interest factors are a non-Islamic in this account
Convert In To Islamic Account
If Profit certificate of deposit COD base on a Mudarabah and are used only in Shariah
compliant business based then it’s convert in to Islamic way
UBL First is a savings account
UBL First is a savings account opened on behalf of a child in the name of the father or
mother or a court-appointed guardian and the minor.
UBL First is designed especially for children and aims at becoming every child's first bank
account, helping inculcate a savings habit. It is tailored to meet a child's future financial needs in
a planned and convenient manner.
Non Islamic Element
The interest factors are a non-Islamic in this account
Convert In To Islamic Account
Minor Saving Account is designed specifically for junior/children under the age of 18
years if accordance the rules of Mudarabah and Funds are received on the basis of Mudarabah
and are used only in Shariah compliant business. then it’s convert in to Islamic way
UBL Address Home Loan Facility
With a maximum financing limit of 70% you can easily buy a house or apartment that
best fits your requirements. So go ahead and start the search for your dream home because with
easy and affordable installments you need not think of renting a house when you've got UBL
Address.
Non Islamic Element
The interest factors are a non-Islamic in this account
Convert In To Islamic Account
If UBL Address Home Loan Facility base on a Shirkat-ul-Milk (Musharaka) Agreement
and it’s signed between you customer and the Bank., then Bank and customer will become

7. joint owners (partners) in the Musharakah property. When customer
have purchased all units of Bank, customer become the sole owner with a free and clear title to
your home.
UBL Drive
UBL Drive is a unique auto financing product which offers you features, options and
flexibility unmatched by any other bank, because at UBL, you come first. Both fixed and floating
rates are offered to our customers.
Non Islamic Element
The interest factors are a non-Islamic in this account
Convert In To Islamic Account
If UBL Drive Loan Facility base on a Ijarah Agreement and it’s signed between you
customer and the Bank. Ijarah means 'to give something on rent’. It is a Shariah compliant
alternative to Conventional leasing where Bank acts as a Lessor and you act as a Lessee. The
Lessor (Bank) allows the Lessee (You) to use the vehicle owned by the Lessor in return for a
monthly rent.
Comparison of Product
Al Baraka product comperes with UBL Bank
UBL Bank Al Baraka Bank
Basic Banking Account
Funds received are on the basis of Qardh and
are used only in Shariah compliant business.
Al Baraka Basic Banking Account
The ABPL Basic Banking Account is based on
the Islamic principle of Qarz, whereby the
customer is the lender and the bank is the
borrower. Customer funds are invested with
utmost care in halal business ventures only,
and are payable, on demand, with neither any
addition and/or penalty. BankIslami's Islami
foreign currency account is based on the
Islamic principle of Qarz (loan) whereby you
are the lender and the Bank is the borrower.
These funds are invested in halal business

8. Savings Account
Funds are received on the basis of Mudaraba
and are used only in Shariah compliant
business.
With a minimum of only PKR 100000 the
rupee saving account can be opened under
musharakah agreement. The profit earned is
calculated every month. And if the client
maintains a monthly balance of PKR 10000 the
client is eligible for the profits the will be
disbursed every month
Business Account
If Business Account base on a Mudarabah
based and Investment Account providing the
necessary tools to individuals and corporate
customers to transact their entire business
activities. Then that account is convert in
Islamic way
ventures only so that you are 100% sure that
your funds are managed in a Shariah compliant
manner. The funds are payable to you on
demand as and when required with neither any
addition nor penalty.
Al Baraka Savings Account
Al Baraka saving account is based on the
Islamic concept of Mudarabah. Under this
arrangement the customer is Rab-ul-Maal
(Investor) and the bank is Mudarib (Fund
Manager). Customer deposit is invested in
profitable business ventures which are legal
and Shariah compliant. The profit/loss is
shared on a pre determined ratios. As Fund
Manager, the bank is entitled to a part of the
profit, whereas profit distribution amongst the
depositors and shareholders is made according
to the weightages assigned to their investment
at the beginning of each month.
Al Baraka Business Plus
Al Baraka Business Plus is based on the
Islamic concept of Mudarabah. Under this
arrangement the customer is Rab-ul-Maal
(Investor) and the bank is Mudarib (Fund
Manager). Customer deposit is invested in
profitable business ventures which are legal
and Shariah compliant. The profit/loss is
shared on a pre determined ratios. As Fund

9. UBL First Is A Savings Account
Minor Saving Account is designed specifically
for junior/children under the age of 18 years if
accordance the rules of Mudarabah and Funds
are received on the basis of Mudarabah and are
used only in Shariah compliant business. then
it’s convert in to Islamic way
UBL Address Home Loan Facility
If UBL Address Home Loan Facility base on a
Shirkat-ul-Milk (Musharaka) Agreement and
it’s signed between you customer and the
Bank., then Bank and customer will become
joint owners (partners) in the Musharakah
property. When customer have purchased all
units of Bank, customer become the sole owner
with a free and clear title to your home.
UBL Drive
If UBL Drive Loan Facility base on a
Ijarah Agreement and it’s signed between you
customer and the Bank. Ijarah means 'to give
Manager, the bank is entitled to a part of the
profit, whereas profit distribution amongst the
depositors and shareholders is made according
to the weightages assigned to their investment
at the beginning of each month
Tifl-Young Savers Account
Al Baraka Tifl- Young Savers Account is
offered on the basis of Mudarabah principles of
Islamic Banking. Mudarabah is a special kind
of partnership where one partner gives money
to another for investing in Shariah compliant
avenues. The investment comes from the first
partner who is called Rabb-ul-mal (Customer),
while the management and work is an
exclusive responsibility of the other, who is
called Mudarib (Bank).
ABPL Auto Ijarah
Al Baraka Islamic Auto Finance is one of the
most distinctive Shariah compliant products

10. something on rent’. It is a Shariah compliant
alternative to Conventional leasing where Bank
acts as a Lessor and you act as a Lessee. The
Lessor (Bank) allows the Lessee (You) to use
the vehicle owned by the Lessor in return for a
monthly rent.
offered by Al Baraka Bank (Pakistan) Limited